UNCTAD/WEB/DIAE/ED/2011/2
July 2011
In this issue:
Twenty-eighth annual session of ISAR to take
place in Geneva in October 2011
UNCTAD conducts country round tables on
capacity-building
ISAR presents report to Investment, Enterprise,
and Development Commission (third session)
UNCTAD and IAESB conduct a joint forum on
accountancy education
UNCTAD-ISAR Consultative Group on Capacitybuilding meets in Geneva
UNCTAD publication Corporate Governance in
Wake of Financial Crisis available for download
News briefs:
New chairman takes over at IASB
IAASB consulting on enhancing the value of
auditor reporting
IAESB publishes Exposure Draft on entry
requirements to professional accounting education
FEE issues report on ESG indicators in annual
reports
Pan-African Federation of Accountants launched
The twenty-eighth annual session of ISAR to take place
in Geneva in October 2011
The twenty-eighth session of the Intergovernmental Working Group of Experts on
International Standards of Accounting and Reporting (ISAR) will take place at the Palais
des Nations in Geneva from 12 to 14 October 2011. The main agenda item of the session
will deal with a capacity-building framework for high-quality corporate reporting and will
focus on an assessment questionnaire and a related measurement methodology. The
session will also address additional topics under the other business segment of its agenda.
These will include integrated reporting and corporate governance disclosure. Several
regional and other international organizations that work on corporate reporting matters will
also be presenting updates on their respective activities.
On the eve of the twenty-eighth session of ISAR, i.e. Tuesday, 11 October 2011, a
workshop on technical accounting issues has been scheduled. The workshop will focus on
recent developments regarding fair value measurement, and measurement and recognition
aspects of financial instruments.
To register for these events, please visit our online registration site by clicking here. For further information on the above events, please contact Vanessa McCarthy by e-mail
at Vanessa.mccarthy@unctad.org
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UNCTAD conducts country round tables on capacitybuilding During May and June 2011, UNCTAD conducted country round tables on capacity-building
for high-quality corporate reporting. The round tables took place in Brazil, Croatia, South
Africa and Viet Nam. UNCTAD co-organized the round tables in the respective countries in
cooperation with: the Federal Council of Accounting of Brazil; the Ministry of Finance of
Croatia; the South African Institute of Chartered Accountants; and the Ministry of Finance
of Viet Nam. The events were organized in accordance with the agreement reached by
member States at the twenty-seventh session of ISAR. The main objective of the round
tables was to validate a draft assessment questionnaire and related measurement
methodology that was developed by the UNCTAD secretariat in close cooperation with the
Consultative Group on Capacity-building for High-Quality Corporate Reporting. In each
country, high-level representatives including policy-makers, regulators, standard-setters,
international development organizations, professional accountancy bodies, academia and
other key stakeholders took part in the round tables. The round-table discussions have
provided the UNCTAD secretariat with valuable inputs on the assessment questionnaire and
measurement methodology. Furthermore, the events in the respective countries have
provided impetus for further national level consultations with a view to building and
strengthening capacity for high-quality corporate reporting.
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ISAR presents report to the Investment, Enterprise
and Development Commission (third session)
On 4 May 2011, Mr. Damir Kaufman (Croatia), Vice-Chair-cum-Rapporteur of the twentyseventh session of ISAR, presented a report on ISAR to the third session of the
Investment, Enterprise and Development Commission of UNCTAD. Mr. Kaufman reported
on substantive and organizational aspects of the twenty-seventh session of ISAR. He noted
that the need for capacity-building for high-quality corporate reporting had become more
critical in the wake of the financial crisis. He highlighted a number of activities undertaken
by the UNCTAD secretariat in disseminating the work of ISAR and promoting cooperation
with other regional and international organizations. With respect to the twenty-seventh
session, Mr. Kaufman also noted that feedback obtained from participants at the session
indicated a high level of satisfaction regarding the substance and organization of the
session and the timeliness of the topics addressed.
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UNCTAD and IAESB conduct a joint forum on
accountancy education
On 8 March 2011, UNCTAD and the International Accounting Education Standards Board
conducted a joint event under the theme, Accountancy Education Forum: Building Human
Capacity and Professional Accounting Education for High-quality Corporate Reporting. The
first session of the workshop addressed international standards and benchmarks for a
professional accountancy education programme. The discussion covered the IAESB
framework and current projects dealing with revision of International Education Standards
for Professional Accountants. The UNCTAD-ISAR Model Accounting Curriculum – including
examples of its implementation around the world – was featured. The second session
focused on key issues with respect to the implementation of international accounting
education standards and the accounting curriculum. Panellists and discussants shared
lessons learned from the implementation experiences of different countries around the
world. Participants exchanged views on various challenges they encountered in maintaining
accounting education programs in general, and curriculum content in particular, in
accordance with the international requirements. Some of the factors contributing to the
challenges were rapid technological developments and delays in translating international
education standards. The forum underscored the critical role of accounting education in
capacity-building for high-quality corporate reporting.
For further information on the Forum, please click here.
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UNCTAD-ISAR Consultative Group on Capacitybuilding meets in Geneva
On 24–25 January 2011, the UNCTAD-ISAR Consultative Group on Capacity-building for
High-quality Corporate Reporting met in Geneva to follow up on the outcomes of the
twenty-seventh session of ISAR. The main agenda item of the Consultative Group was
developing a measurement approach to assess a country's capacity for high-quality
corporate reporting. The Group exchanged views on various indicators that could be used
for the assessment exercise. Furthermore, the Consultative Group discussed proposals by
the UNCTAD secretariat on country-level round tables aimed at validating the assessment
questionnaire and measurement methodology. The Consultative Group was established
following the agreement reached by member States at the twenty-sixth session of ISAR in
October 2009. It is composed of key stakeholders in the area of corporate reporting
representing: regulators, standard-setters, audit firms, professional accountancy bodies,
educators and various international and regional organizations.
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UNCTAD publishes new study; Corporate Governance
in Wake of Financial Crisis This compilation of perspectives on the corporate governance-related causes and remedies
of the global financial crisis is intended to inform ongoing reform efforts and document the
work of major organizations. It contains a forward by Mervin King and chapters from
experts from UNCTAD, the Organization for Economic Cooperation and Development, the
World Bank, the Global Corporate Governance Forum, the International Corporate
Governance Network, the International Federation of Accountants, the International
Organization of Securities Commissions and others.
The full report is available from http://www.unctad.org/cg.
News briefs:
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New chairman takes over at IASB
On 1 July 2011, Hans Hoogervorst took over from Sir David Tweedie the chairmanship of
the International Accounting Standards Board. In a welcome message posted on the IASB
website, Mr. Hoogervorst highlighted as his first priority the completion of remaining
convergence projects with the Financial Accounting Standards Board of the United States
of America. He also indicated that IASB would publish a consultation document to seek
stakeholders’ input with a view to developing a post-convergence agenda for IASB. The
incoming chairman also noted that strengthening institutional relationships and ensuring
respect for the independence of IASB were top priorities. In his message, Mr. Hoogervorst
paid tribute to the outgoing chairman – recognizing that under Sir David's decade-long
leadership, IFRS had become widely used standards in over 100 countries. Prior to joining
IASB Mr. Hoogevorst was a Minister of Finance and Chairman of the Authority for the
Financial Markets of the Netherlands.
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IAASB consulting on enhancing the value of auditor
reporting
In May 2011, the International Auditing and Assurance Standards Board (IAASB) published
a consultation paper, Enhancing the Value of Auditor Reporting: Exploring Options for
Change. In the wake of the financial crisis, views have emerged indicating that although
the independent auditor's report is useful, it could be even more useful and informative.
Some users are of the view that the auditor has deeper insights into the reporting entity. If
these insights were to be communicated to users, they would be in a better position to
assess the financial condition and performance of the entity. IAASB outlines several options
that could be considered for enhancing the auditor's report. Comments on the Exposure
Draft are due by 16 September 2011.
For further information on this news item, please click here.
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IAESB publishes Exposure Draft on entry requirements
to professional accounting education
In June 2011, the International Accounting Education Standards Board published an
Exposure Draft on entry requirements to professional accounting education. In the
Exposure Draft, IAESB proposes that member bodies of the International Federation of
Accountants “should specify entry requirements for professional accounting education so
that entrants have a reasonable chance of successfully completing their professional
accounting education, while not putting in place excessive barriers to entry”. The current
IAESB standard states that entry requirements should be equivalent to that for admission
into a recognized university degree programme or its equivalent. The Board is of the view
that the proposed requirements are principles-based and thus an improvement over the
current requirements. The Exposure Draft was published as part of the Board’s on-going
projects aimed at revising its current standards with a view to improving clarity, ensuring
consistency with the IAESB Framework that was published in 2009 and building on
experiences gained from the implementation of IAESB standards.
To access the Exposure Draft, please click here.
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FEE issues report on ESG indicators in annual reports
In May 2011, the Federation of European Accountants, widely known as FEE, launched a
report entitled Environmental, Social and Governance (ESG) Indicators in Annual Reports:
An introduction to current frameworks. The report aims at providing information on
publications commonly referred to when considering the identification and use of ESG
indicators. These publications, prepared by various bodies, include ISAR Guidance on
Corporate Responsibility Indicators in Annual Reports, Guidance on Good Practices in
Corporate Governance Disclosureand A Manual for the Preparers and Users of Ecoefficiency Indicators.
To access the full report, please click here.
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Pan-African Federation of Accountants launched
On 5 May 2011, the Pan-African Federation of Accountants (PAFA) was launched in Dakar,
Senegal. The Federation is composed of 37 professional accountancy organizations
representing 35 African countries. The PAFA General Assembly elected as its President,
Major General Sebastian Owuama of the Institute of Chartered Accountants of Nigeria. The
PAFA secretariat will be hosted in Johannesburg by the South African Institute of Chartered
Accountants. The initial declaration of intent to launch a Pan-African accountancy
organization was made at a regional learning event that took place in Nairobi, Kenya, in
September 2006. UNCTAD was a co-organizer of the regional learning event, along with
the Developing Nations Committee of the International Federation of Accountants; the
Eastern, Central and Southern African Federation of Accountants; the African Development
Bank and the World Bank.
To access further information on the launch of PAFA, please click here.
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